Leveraging Data to Control Legal Spend
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- Nov 30, 2020 2:00 pm GMTNov 25, 2020 6:18 pm GMT
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This item is part of the Special Issue - 2020-12 - Data Analytics & Intelligence, click here for more
With load flat or declining across much of the U.S., utilities face increased pressure to cut costs and do more with less. Legal department budgets are not exempt from this trend. To address these cost pressures, we sought to reduce our FERC legal budget without reducing the overall level of service we provide to the business or burning bridges with our outside counsel and other long-term service providers.
The traditional in-house counsel approach used to reduce budgets involves adjusting inputs—pressuring outside counsel to reduce their rates, reviewing bills more closely (and demanding more write-offs), and pulling work back to be performed in-house. More recently, in-house legal departments have sought to switch from hourly billing to flat-fee arrangements to try to control outside counsel costs.